Anyone know a bank doing loans off BPO's??
I'm in the process of getting a portfolio loan in place and have ran across several interesting programs out there to say the least and was just wondering if anyone has a good contact for a bank that are basing their LTV off of BPO's instead of doing full blown appraisals?
I am actually working with Wells Fargo right now who will do HELOC's on rental properties and not charge for an appraisal as part of their deal. I love that idea however, I'm not sure what they are going to come back at. I have a local institution who will do a portfolio loan, but they want $300 an appraisal and for 20 properties there goes $6k. So you can see my dilemma I'm looking for a good rental bank that will do portfolio loan, but not charge me out the wazoo for estimating the value of the property.
Any insight would be great. Even if it's your chances are better at finding a purple unicorn than finding a portfolio loan bank that isn't going to charge ya $300 an appraisal.